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Karachi, Lucky Core Industries Limited announced a significant development today with the signing of an Assignment and Assumption Agreement. The agreement was made between Lucky Core Ventures (Private) Limited, a wholly owned subsidiary of the Company, and Lotte Chemical Corporation (South Korea) (LCC).
The agreement pertains to the Share Purchase Agreement previously entered into between Lucky Core Industries Limited and LCC, facilitating the acquisition of a majority stake in Lotte Chemical Pakistan Limited (LCPL).
Lucky Core Industries Limited will acquire a substantial 1,135,860,105 ordinary shares of LCPL, accounting for approximately 75.01% of the issued and paid-up capital of the company. This acquisition represents a significant move for Lucky Core Industries, solidifying its position in the chemical industry and expanding its footprint in the Pakistani market.